SOLD!
So, my landlords sold the house I live in. When they first told me they were going to sell the house a few weeks ago, it sort of freaked me out as I have a pretty sweet deal on my basement suite and with new owners, anything could happen. In BC, if you live in a rental, a new owner can’t kick you out unless they or a direct family member are going to live in the suite ((They also can’t change how much they charge you for rent, except for the once a year rent increase that’s allowed (I believe it’s a maximum of 4% per year))). But the house I live in is 80+ years old, so it’s not impossible that someone would buy it to tear down and re-build on the lot. At any rate, I didn’t have to wait very long to find out – the house sold within two days of it being listed! And in that time, there were several offers, so I’m guessing they got even more than they were asking for.
The deal happened pretty fast – the new owner officially took possession yesterday, but is renting the house, other than my basement suite, to the former owners until their new place is ready. And the new owner isn’t planning to tear the house down or to move into the basement, so I get to stay, which makes me pretty happy.
I am going to miss my former landlords when they leave though. They are really nice, always looking out for me ((and for Danielle when she lived here too)). They’ve lived in this house since 1956 and paid less for it than many people pay for a car these days – and with Vancouver’s real estate the way it is, you can imagine the price they must have sold it for. The are getting on in years though, and a two story house is just too much for them, so they are moving into a retirement community. It makes me sad that they aren’t able to stay in the home they’ve had for more than half a century, but I know that it will be safer for them in the new place.
I spoke to the new owner on the phone the other day to arrange for some post-dated rent cheques and a rental agreement – he seemed nice, so I’m keeping my fingers crossed that all works out well when he moves in upstairs.
Comments |4|
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Well at least you get a few months free rent!
Never mind! I thought u had to move out, in which case you get free rent. This happened to me twice in Kits.
You get free rent if you have to move?? Fortunately, I don't have to move right now, but good to know.
I'm glad to hear that you get to stay (and keep your sweet deal), but your new landlord is CRAZY to buy real estate right now. Look back at this comment in Nov. 2010 – I wonder how far prices will have fallen?
Your landlords are super sweet; I am glad that they made some serious coin. I wonder how much they got for it?